EUR futures: a top in place around 1.1200?

According to CME Group’s preliminary figures, open interest in EUR futures on Monday dropped by more than 9K to 521,307 contracts vs. Friday’s final 530,491 contracts.

Further downside likely

The current scenario of declining open interest and softness in prices points to traders liquidating their positions while strengthening the bearish stance at the same time. Reinforcing the above, EUR/USD has once again failed to break above the critical 1.1200 barrier on Monday before dropping to the 1.1140 region, where it is now looking to gain some traction.

 

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